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World Business Today

News/Business. Colleen McEdwards, Pauline Chiou. The day's global business news with a focus on international business and market trends. New.

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U.s. 21, China 20, Us 12, London 11, Washington 11, Ryanair 8, Europe 8, Norway 6, Hong Kong 6, Cnn 6, United States 5, Clinton 4, New York 4, Caterpillar 3, Shanghai 3, Moody 's 3, The City 2, John Boehner 2, Hodson 2, Diana Magnay 2,
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  CNN    World Business Today    News/Business. Colleen McEdwards, Pauline Chiou. The day's  
   global business news with a focus on international business...  

    July 25, 2011
    4:00 - 5:00am EDT  

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>> thought it was all over and would never have a family and now every day i get to see my best friend. it sounds crazy but it took a long time to get there but it was in the nick of time. >> the message, never give up. >> fourth time is a charm, man. >> great to meet you. >> thank you, buddy. >> fascinating interview from tom arnold. i'm zain verjee in london. here is our main story. the suspect in the norway attacks is set to appear in court three hours from now. cnn's diana magnay joins us now at a gathering point for victims where they're still searching for more possible victims. diana. >> reporter: hi, zain. the search continues. as you say, there are still four
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people listed as missing and the police are using all sorts of devices to try to find them including a mini submarine, but the death toll is at least at 86 as you said. anders be anders behreng breivik will be appearing in court. he'll be pleading not guilty so he'll get a chance to explain his extremely right-winged ideologies in court. that's why a lot of people are asking that this be a closed hearing. the police, for one, has a facebook page asking that no one be admitted into the courtroom so he doesn't get this kind of platform to air his views. already 60,000 members on that. i talked to people this morning about it and they said everything has gone his way so far and this must stop. also another piece of news just to bring you now, zain, is that it has been confirmed that an
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off-duty policeman stationed on the island fro text the people on the island earlier on was actually the half brother of the crowned princess of norway, zain. >> cnn's diana magnay. thanks a lot, diana. i'm zain verjee with cnn london. "world business today" starts now. -- captions by vitac -- www.vitac.com good morning from cnn london. i'm charles hodson. >> and a very good afternoon from cnn hong kong. i'm manisha tank. this is cnn on monday, july 25. the united states is closer to defaulting oven its debt. putting a face on the case. dominic strauss-kahn's accuser goes public. tying the knot in new york, they legalize same-sex marriage.
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well, there's still no deal to raise the mighty u.s. treasury's debt limit and time is running out with only eight days with united states left stricken, unable to pay its bills. treasury secretary timothy geithner has good reason to worry. if they don't come up with a framework by monday night, washington will not make the deadline of august 2nd to avoid default. the pressure is on. we have a report as the sun set on yet another day of stalemate as both frustration and concern in washington. >> reporter: it's just hours till markets open in the u.s. and all eyes are on washington to see how they react. they sense frustration and concern. you know, the president himself said if the markets take a hit, if the u.s. economy takes a hit because congress could not make a deal on the debt ceiling, that is a self-inflicted wound, one that could have been avoided. and at this hour there is no
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clarity that a deal will happen by the time the sun comes up in the morning. >> that's jessica yellin. well, this was the scene in the white house over the weekend as the lawmakers struggled to come to an agreement over the best way to move forward. as it stands right now, there's still a deadlock in washington with neither side wants to budge. let's introduce you to some of the key characters. h harry reid says he's preparing a proposal to raise the debt ceiling through next year and cut through $7 trillion of debt. the democrats want to raise the ceiling enough so the issue won't come up again until after the november 2012 election. on the other side, cnn understands house speaker john boehner wants to stick to the principles of cut, cap, and balance bill that the house passed last week. that would proprovide for two smaller incremental rises had the senate not rejected it. so it remains to be seen whether the two sides can come to an
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agreement before the deadline falls. as charles said, the clock is very much ticking. if congress fails to act, the u.s. could run out of money in eight days' time and that could have serious consequences around the world, but speaking in hong kong, just a couple of hours ago u.s. secretary of state hillary clinton says she is confident that an agreement will be reached. >> i well remember the government shutdown of the 1990s. i had a front row seat for that one. but this is how an open and democratic society ultimately comes together to reach the right solutions. so i'm confident that congress will do the right thing and secure a deal on the debt ceiling and work with president obama to take the steps necessary to improve our long-term fiscal outlook. >> well, the effects of that deadlock are being felt outside the united states and very specifically on the financial markets, exactly what the house
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speaker john boehner was hoping to avoid. let's take a look at how things finished in asia. this is the first chance that markets, of course, have had a chance to react to the breakdown of this week's talks. hardly well as you can see. shanghai composite the biggest loser, almost 3%. local factors playing a part as well in that. clearly off three quarters of a percent. nikkei, nearly that. and, again, big difficulties with the sydney s&p 200 by more than 1%. let's move over to europe. we're a touch into the hour on the trading day. a decent run-up on some of these markets in the course of last week, off by -- well, actually only a fraction of a percent now. it has been more than that, half a percent for the cac. in the united states markets
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clearly opened -- will be opening in less than five hours' time and we're looking to a lower start as well. off by 1%. certainly a little pessimism. maybe some optimism mixed in. we will, as hillary clinton says, see a deal in the course of day or the next day or two. >> yeah, it will be interesting to see how the european markets pan out as well and how it affects the u.s. futures. you know, this talk of possible default is actually sending some investors to safe havens like gold for example. hitting a record high of $1,617.30, now it's $1,617.30. the oil price pulling back just a tad over the back of what's going to happen to the u.s. economy and demand for crude.
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charles. >> hmm. now, if hillary clinton is right and a deal is just around the corner, then possibly today it might be time to take profits on gold. but how big an "if" is that though? stocks have been fine this week until the realization that there's still a stalemate in washington. joining me is a trader at etx capital. it looks to me as if the market reaction in europe is fairly measured. does that reflect optimism that there will be a deal struck in the next few hours? >> absolutely. a deal will be struck. maybe not in the next few hours but it's going to be taken to the brink. the deadline is august 2nd next week. it could be taken right to the wire, right to the weekend. but in the meantime we're likely to see increased volatility in equity prices that could take off a little bit and bounce back. the ftse 100 this morning is
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remarkably robust given the situation going on in the u.s. as you mentioned gold continues to go high. it's the asset class of choice at the moment, irrespective of whether there's inflation in the economy. money seems to be flowing into gold. >> there's the sovereign debt crisis and that's the fact that moody's agreed to increase its sovereign debt rating again. we saw a bit of a rub-up last week in stooks. if you're right about there being a deal in washington in the next day or so, presumably we could get back to that run-up, could we? >> we could quite well, but i think with regards to greece, what we're seeing is a situation whereby it's all been fairly well factored in where we know greece is going to have trouble paying back its debts, when income tax revenues are fairly nonexistent, the debt is likely
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to continue to be downgraded. i feel the similar sort of thing for the u.s. as well where it could be subjected to down grades. but it's in a lot loss compared to any other european nation. >> let's look at this. the corporate sector. we're seeing pain there oddly with caterpillar pacific northwesting disappoint iing results. disappointing results just this morning from ryanair and we're going to be hearing from senien executives later on. >> we're waiting for the corporate numbers to move in line with the economic numbers that we saw coming out in the last few weeks. they were relatively soft. the corporate numbers are coming in slightly lower. there have been more beats than misses but the coming is coming as expected. it's a question whether they'll
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continue to be weak in forthcoming quarters as well. ryanair, you mentioned, they did slightly worse but they're seeing an increasing profit, increasing number of passengers traveling on the airlines. the whack that they're taking is from higher fuel costs and if fuel continues to remain abouv $100 a barrel which is around the level ryanair hedged they could continue feeling that pain forthcoming quarters. >> many thanks. manisha. >> good stuff. thanks, charles. she's the hotel maid who accuses the former director of the international monetary fund of rape. now at last we can tell you her name. you'll see why she's decided to go public.
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from cnn hong kong and cnn london this is "world business today." until now we never knew her
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name but the woman who accused former imf chief dominique strauss-kahn is changing that. she's going public with her identity. susan can't candiotti has more on what he said -- she said. >> nafissatou diallo is now breaking her silence, telling for the first time in her own word as what she alleges happened to her in the hotel sofitel back in early may when she charges that dominique strauss-kahn sexually assaulted her. he has pleaded not guilty to these charges. cnn's policy has been not to i identify the names of victims but now that she's said her name publicly, cn is identifying her. we're hearing from her for the first time in her own words what has happened. she tells "news week" magazine
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when she entered the hotel room she yelled out hello, housekeeping and heard nothing. she saw a naked white man walk out of the bathroom and said, quote, oh, my god, i'm so sorry. he said, according to her, you don't have to be sorry. but she said he was like in her words a crazy man to me and then she says he allegedly began to attack her. now, she also told abc news, quote, i want justice, i want him to go to jail, i want him to know there is some places you cannot use your money, you cannot use your power when you do something like this. now, the lawyers for dominique strauk kahn are shooting back a statement, calling her in their words the first accusener history to conduct a media campaign to persuade a prosecutor to pursue charges against someone else and they call the conduct of her lawyers unprofessional. now, that prompted a statement in return from the lawyer
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representing the maid saying that dsk's lawyers are the ones who have been starting a smear campaign against the motel made. so there's been a lot of back and forth going on. that in turn prompted a comment from the lawyer representing the maid and he said it's strauss-kahn's lawyers who are conducting a smear campaign against his client. the next time strauss-kahn is expected to appear in court is one week from monday. the district attorney's office says it is still investigating the case. they're concerned about some credibility issues with the maid's case but they're not sure what to do yet. well, let's stay in the united states but move south because investors aren't the only ones keeping a close eye on the u.s. debt talks. in a few moments we'll go to the heartland where they say crisis is bad for biz. that's next on wbt. can be even more powerful,
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the debt limit is holding investors back from investing. >> the united states is slow and the recovery is slow than any we've seen, you know, in a long, long time coming out of recession. we sure thought we'd be further along this day and it's worrisome. of course, the buzz this week in washington and i'm sure next week is not going to restore confidence. we've just got to get past the debt ceiling, get it behind us, get it raised, get on with substantial discussions with deficit reductions, taxes, tax reform. we're really worried about lack of progress on free trade agreements. lots of things are tied up as they grapple with this really tough debt ceiling issue. >> you had some pretty strong words for those in washington that are trying to deal with that debt ceiling concern as it continues. do you think they're listening? i mean this really is a problem for business confidence and companies frankly investing back into themselves.
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>> well, i think they're listening. i think what we're seeing here is a political system that's deadlocked. i think in many ways it's a reflection of the discussion going on in america. and it's long overdue. we've spent the money. now the piper's to be paid, and how are we going to pay it and nobody wants to pay it. i think that's a reflection of what's happening in washington. it's late in the game, driving uncertainty for all of us. customers i talk to are worried about this. i talk to customers a lot. our customers work around infrastructure. in this country they build infrastructure. if they don't see a feature for infrastructure, what do they do with their companies. if i'm worried, they certainly are as well. as soon as we get this all behind us, we'll all be better off, i'm absolutely convinced. >> let's take this and broaden it out to an international perspective and go to china which is also seeing some
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softening. softening for them is what? 9% gdp? >> yeah, yeah. i would love to see a softening of 9% anywhere. but in all seriousness, i think we all knew china's economy was overheated and has been for a couple of years but china's initiative to get inflation under control easterly in the days and bring it back under control, i'm all for it. it will benefit us, the chinese, our company, and for that matter everybody else in the world as soon as they can get that under control. the slowdown backs up things on the rest of the world but i think it's healthy in the medium and short term. maybe not so much in the short term but medium and long term -- i mean long term will be good for us. #% is better than this 13%, 14% we've seen the last couple of years. i applaud them. they need to take it to that level. >> from caterpillar ands he
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company posted lower than expected earnings last week just to recap that. by nearly 6% despiter recording second quarter earnings that surged 44%. of course, this was the crucial thing. they still fell short of projections manisha. >> yeah. expectations counting for so much. well, back in asia now and it seems that tropical cyclone is getting closer to the philippines and may eventually have its sights on hong kong. meteorologist ivan cabrera is tracking the storm in the weather center. ivan, it's definitely that time of year. what kind of destruction could this lead to? >> it certainly can. by friday afternoon it could be right on top of us. i don't think it's going be a monster storm, but never theless still impacting us. have the cluster away from the
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center of sicirculation, which the "l" right here. the winds are -- have picked up a bit. 56 kph right now and we're looking at movement to the northwest at around 17 kilometers per hour. this is the official tracker of the warning center. this could track further to the south or further to the north and east, but we'll watch it closely. this is day three. about day five we'll put it in northeastern hong kong if we're looking at the correct guidants right now. but on our computer model it's showing northeast as opposed to northwestern. for all intents and purposes this is going to be a big rainmaker. look at this. 250 millimeters not out of the question. that could certainly cause some flooding widespread across the philippines. there's td-10. a chance of high development well to the east of new guinea.
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we'll watch that for the philippines next. but at this point this is going to be the main player. big thunderstorm activity. you saw the horrific story coming out of eastern china earlier in the week with the crash of the bullet train due to lightning strikes and the second train not knowing about it and rear ending it. this is the frontal boundary that's draped here. as long as that's the case, we're going to bundle up the thunderstorm activity through the afternoon. ite going to push to the east over the next couple of days. europe the big story. this trough across the west, big ridge across the east and that means a heat wave for moscow. temperatures here are going to be in the mid-30s, and in the middle we're going to be talking large hail, strong winds and heavy rain as the thunderstorms continue to intensify. manisha? >> ivan, thank you very much. keeping us ahead of the weather systems. much appreciated. now, the debt uncertainty in the united states is sending
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shudders through markets around the world. that's just ahead.
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from cnn london, i'm charles hodson. >> and i'm manisha tank at cnn hong kong. a warm welcome back to "world business today." well, let's check in on european stock markets now. about one and half hours in to trading, and here's how things are looking. the -- a lot of negative factors here, disappoints results from ryanair. we're seeing the continued stale mates in washington and a
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downgrading of greek debt by moody's. three notches from ca to ca-1. look at the numbers off by -- sorry. i guess you managed to read those numbers, though i didn't actually. thank you. moody's up two and a third percent. a third and a half percent for both the dax and london ftse and what moody's said about greece is the chance of a greek default, is quote, virtually 100%. more on ryanair, before the markets opened it reported a rise in first quarter profits to just shy of $2 lunn million. that was less than expected. ryanair sales were up 29% but rising costs, particularly the cost of fuel, ate into its bottom line. the last time i looked a short time ago, share price down 2.5% in london. about an hour ago i spoke to
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ryanair's chief financial officer, ryan miller. i asked about the disappointing results. what went wrong? howard miller, this is clearly a result which seems to disappoint the market. your shares are down in terms of the price. what went wrong? >> well, thing what happened was we just had come out with our results eight weeks ago and we maintained our guide amounts. net profits will be 400 million euros this year and i think unrealistic expectations so i think the analysts will have to recalibrate our model. >> isn't it your job as cfo to make sure the expectations to make sure that this calamity doesn't happen? >> we haven't changed our outlook on the market. the survey has a few outliers who have unrealistic numbers in it. we can't decide what the market
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wants, we can only tell them what we deliver and we have kept our promises, which is my job, to ensure that we deliver the numbers we have guided to the market and we're on track to do that. >> okay. well, in terms of the future looking forward, clearly there are difficulties, there have been difficulties, high fuel prices and so on. and the broad state of the economy is not really improving, seas certainly not very fast across the whole of europe. looking forward are you relatively pessimistic? >> actually we're quite optimistic. we think that consumers will become more and more focused on value for money, and that's what we offer with the lowest fares right across 27 countries and europe. so we thing that what we've seen in the past will continue to happen as consumers trade from high fare fuel surcharges to low-fuel carriers led by ryanair. >> you're talking about a fall in traffic in the next winter
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season houchlt does that match up from what you just told us? >> we've got a unique situation where fuel prices are over $100 per barrel. at that point we don't think it makes good economic sense to fly passengers and lose money doing so, so we're doing what's best for the company, best for the shareholders. we're still going to grow past our volumes this year by almost 5%, but, you know, we're not prepared to operate during the winter period characterized by very high fuel prices. >> let's pick up that issue of fuel prices. do you have an idea in your head as to what the impact would be if fuel prices remain at these high levels? actually crude oil is relatively low in price compared to where it's been. but if it goes back up comfortably to about $100 a barrel, would you have to berecalibrating your hedges again? >> we have to give certainty in terms of the income we gave for this year. clearly high oil prices means
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that those airlines with the lowest fares will do the best. but it's clearly a factor within the industry and it means fares will rise for consumers, but we will still continue to have the lowest fares by some distance. >> that's ryanair's cf o', howard millar. the u.s. still has not agreed on a debt deep. it didn't happen over the weekend. so here's ramy inocencio with a look across the region. i have an inkling this has more than just the u.s. debt situation going on here, but you can fill us in. >> thanks manisha. first off u.s. leaders were specifically hoping to have a framework for a debt deal in place before asian markets began trading here. of course, we now know they failed and markets across the region fell. first off to the nikkei, that closed down about 0.80%.
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that's important because investors bought into the japanese yen. it is a safe haven currency as we know. investors are afraid fallout from the stalled u.s. debt talks is going to impact their boctto line. the strength here erodes the earnings of japanese exporters like automakers and electronics. toyota was down, for example, one and a third percent. the hang seng fell two-thirds of a percent. the big mover, rail in terms of china, south locomotive and rolling stock fell 14%. that's after a bullet train collision on the mainland killed at least 35 people. that company is also known as csr. it was one of the joint manufacturers of one of the both trans involved. at the same time airline stocks saw gains. air china rallied to 4%. over in hong kong the shanghai
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rose. it was the biggest loser on it. closing down about 3%. and finally down to australia, the asx fell about 1.5%. australia's big four banks including axz and commonwealth lead the way to around 1%. gold miner new quest closed. gold hit another new record above $1,623 an ounce before easing back slightly, of course, due to the debt talk we're talking about today. >> thanks a lot for that, ramy. charles, a few things going on along that era but it's going to be about the u.s. opening, right? >> yes. trading in less than five hours. pointing to is south at the moment. if we can look at the numbers. they have come back a little bit. it seems that the relatively robust number that we're seeing
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in europe has emboldened u.s. investors or those who invest in the futures market a little bit and the dow only off by two-thirds of a percent. nasdaq off by a half to two-thirds of a percent. nasdaq off a little as well, manisha. >> you know, they're out there trying to do the deal. investors around the world are are obviously concerned about a u.s. default. but as we said earlier, u.s. secretary of state hillary clinton is sure that, quote, u.s. will do the right thing. traveling with her is undersecretary of state for economic and cultural affairs. a little earlier pauline choiu spoke to him about the impact that it might have on foreign holders such as china and japan. >> i think they're work very hard to reach an agreement, and
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we clearly want to reassure the rest of the world that a lot of work is being done to resolve this issue, and this is clearly something that is important to its own economy but also we want to reassure the world that this is a very high priority in the administration, and i think for many members of the congress who may have differences. but i think a lot of people understand the significance of resolving this issue in a constructive way to underscore the full faith and credit of the united states internationally and domestically. >> the world trade organization recently ruled that china has violated trade laws by limiting quotas for certain raw materials, and china said that they're going to work on this. but recently they just announced their expert quotas for rare earth and minerals and it's basically the same as before.
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and some manufacturers are saying because of these quotas, they feel compelled to move manufacturing into china to get around these quotas. so what is the u.s. doing about this? >> we would like to have a dialogue with the chinese on this to avoid these kinds of distortions, these kind of supply chain distortions. this is a very important issue that affects our supply chain to china. it doesn't mean other countries don't have rare earths but they're not developing them as much. so china does have the ability to distort markets in this area quite dramatically, and that has an adverse effect on companies that want fro deuce goods outside china it's all well and good for the u.s. to say to china, you really can't do this, but what kind of teeth do you really have? >> well, the wto is really important to china. china relies on the wto.
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it's a member of the wto. we expect china to comply with wto rulings. and the key point and it's an even border point and that is china has an interest and a well functioning global trading and financial system because while china's reforms and china's growth are largely the result of the hard work of the chinese people and the kind of reforms that have been put in and have succeeded in being quite effective under other leaders who followed, those are very important. but another benefit for china has been open trade and an open financial system and those are very important to the chinese, and the chinese as china becomes more important commercially and financially have an interest in making sure that system works effectively. >> coming up next, the manifesto posted before the massacre.
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we'll examine the chilling words and the meticulous planning of this man who has confessed to committing friday's mass murders in norway. that will be just ahead. while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 hour relief for many with arthritis pain and inflammation. plus, in clinical studies, celebrex is proven to improve daily physical function so moving is easier. and celebrex is not a narcotic. when it comes to relieving your arthritis pain, you and your doctor need to balance the benefits with the risks. all prescription nsaids, like celebrex, ibuprofen, naproxen, and meloxicam have the same cardiovascular warning. they all may increase the chance of heart attack or stroke, which can lead to death. this chance increases if you have heart disease or risk factors such as high blood pressure
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from hong kong and london. welcome back. norway is preparing for a one-minute silence at noon local time to honor the attacks. that's a little over an hour from now. flowers and candles are continuing to pile up in central oslo. it's a glowing tribute to the 90 people known to have died in the bombing and shooting spree. norwegians are still trying to come to terms with the shock and the loss. the sole suspect in those attacks is due in court in a little over two hours' time. investigators are poring over a
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1,500-page manifesto it appears he's written. >> reporter: this is how the man accused of being norway's most notorious mass killer apparently wants the world to know him, a smiling norwegian nationalist,er issous military-style marksman. not just the cold-blood killer police say stalked and gunned down innocent young victims on a remotor vehicle rocky island. anders behreng breivik is believed to have posted these images in youtube, embedded in a 1,500-page manifesto just hours before he began his deadly killing spree with massive bombing outside government offices. cnn cannot independently verify their authenticity. together the video and manifesto
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appear to answer how and why the 32-year-old became a mass murderer. the video reveals an intense fear that muslims will dominate europe and anger at what the author called marxist european governments he blames for doing nothing and a belief that the christian crusade is the solution, a belief he hid when he met this mainstream right-winged politician eight years ago. >> i'm actually sorry because if he had said something like that, maybe we could have discovered it. >> reporter: he suspects that breivik was driven to it. >> i think there would be a party that would agree with him or something like that and he wrote in h his manifesto he was
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disappointed. >> reporter: the manifesto titled 200title ed 2083 rals against such political action. my government and our media capitulated to islam several years ago. thousands of muslims pouring in annually through our asylum institution or by family reunification. the situation is just chaotic. these suicidal traitors must be stopped. the author turns his temper on his family, on friends, clearly discussing sexual diseases he claims they've had, cataloguing their failings. he also reveals why he wented a farm outside oslo, to plot undetected a mission he describes in graphic detail. i have just completed the explosives researcher phase and have summarized several new chapters for the compendium. my rifle application came through, and i have now ordered
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an 800 euro silencer specifically created for automatic and semiautomatic rifles. needless to say, this is an extremely vulnerable phase. in fact, it is the most vulnerable phase of them all. if i get through this phase without trouble,ly be very close to finalizing my operation. the whole ugly episode is so devastating norwegians are only just beginning to grasp the enormity of it. breivik's manifesto is like -- too soon to fathom the implications of it but already the question is being asked how did he get away with it. nic robertson, cnn, oslo, norway. we're going to be right back after this short break. stay with us.
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welcome back. live from cnn hong kong and cnn london this is "world business today." well, same-sex couples got married legally for the first time in new york on sunday. that makes new york the sixth u.s. state to allow same-sex couples to marry. maggie lake looket as the economic impact of the new law. >> hi. >> hi. how can i help you? >> reporter: they have been together for more than 20 years. on monday they plan on finally tying the knot, one day after
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new york state's landmark bill allowing same-sex marriages to go into effect. it's been a whirlwind few weeks of planning. >> that's simple. >> like loose call i lilies up there. >> it started with saying we should do this, come on, let's do it. then it was we should have a reception. well, if we're going to have a reception, you need a cake. >> reporter: businesses like city cakes are bracing for orders like this. >> it's a new market we're going to be able to tap. you know, there's a lot of affluent same-sex couples in the city who are really excited about being able to get married and they're looking to order extravagant cakes or flowers, even booking extravagant venues. >> reporter: the city figures that in the next few years the weddings could bring in more than $7 million to the city. not 07b8 cakes but historic institutions like the pierre
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hotel. inside a luxury suite nora walsh walks us through the hotel's tempting packages for same-sex couples. >> pety fours as well as chocolate and oysters, carriage rides through the city's most romantic pell as well as a well dressed picnic. that's not something we do with the other packages. the people who are getting married right now are going to want simpler quicker weddings rather than those taking a year or two to plan. >> many of our rings are stainless steel. >> reporter: at chelsea gift shop arcadia, jay gurewitsch is planning for permanent business. >> we usually keep 20 to 30 rings. by the time summer's over we'll have 100,000 rings in stock and many more of them will be specific lick geared toward weddings. >> i think they'll be surprised
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at how much more business they're going to have. a couple of o other people we spoke to about cakes when we thought of city cakes, when they saw us come in, you could see the dollar signs come in. >> it's going to be beautiful. you're going to be really happy with it. >> reporter: history is being made and new york businesses are hoping for an invitation. maggie lake, cnn, new york. let's have a quick look at the stock markets again here in europe. we're almost two hours into the trading day and we're continuing see reaction to the u.s. debt deal. the deadlock, but it is really very muted now. paris cac still off and just edging into the positive column the london footsie. >> that is interesting, isn't it, charles? over here i think a lot of people were expecting a bugger selloff than they've seen when we didn't get any movement over the weekend on the u.s., the
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index has come off worse. the shanghai composite down 3%. but there are domestic issues that affect it, collision with the bullet trains. also those stocks connected to that particular incident. so the hang seng also losing out this session. so there have been losses, but the feeling here is they're muted and responding to various different news lines right now. that's it for this edition of "world business today." i'm manisha tank in hong kong. >> i'm charles hodson in london. you're watching the world's news leader. good-bye for now.
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